Lewis Ousted as BofA Chairman; Remains CEO

BofA CEO will return $1M and forgo any pay this year

(NEWSER) - President Obama's pay czar has landed his biggest punch yet: Bank of America CEO Ken Lewis will forgo any pay this year and return $1 million he's already accepted. But don't start up a collection just yet: The reason Kenneth Feinberg made the request is because Lewis will receive about $70 million in retirement benefits when he steps down in December. Feinberg is powerless to touch that sum, but he figured it's compensation enough, reports the Wall Street Journal. More»

Outgoing CEO proves critics wrong and paves way for successor

(NEWSER) - Bank of America’s move to repay $45 billion in TARP funds marks a triumph for the rehabilitated institution and especially beleaguered CEO Ken Lewis. Wooing a replacement for the retiring Lewis was proving exceedingly difficult as candidates declined to try to run the company with government scrutiny of executive pay. Then the CEO, who abruptly announced his departure in October, solved the problem. More»

(AP) - Ken Lewis, the embattled CEO of Bank of America, is leaving the company, succumbing to nearly a year of strife that followed his company's acquisition of Merrill Lynch. The bank said in a statement that Lewis, 62, would retire as CEO and also leave the company's board by the end of the year. The company said his successor will be selected by the time he steps down Dec. 31. More»

Fired Merill CEO tries to 'set the record straight' about $3.6B payout

(NEWSER) - In his first lengthy interview since being pushed out as CEO of Merrill Lynch, John Thain tells the Wall Street Journal that Bank of America—which acquired Merrill in September—is lying about its involvement in the $3.6 billion in bonus payouts that made Thain the poster boy for corporate greed. “Getting fired is one thing,” Thain said. “But nobody has the right to say things that they know aren't true.” More»

Cuomo wants federal investigation

(NEWSER) - Bank of America wanted to pull out of its deal with a fast-sinking Merrill Lynch last year but changed course after then-Treasury chief Henry Paulson threatened to oust CEO Ken Lewis and the entire BofA board, the Wall Street Journal reports. The revelation came in a letter to members of Congress from New York AG Andrew Cuomo, who's investigating the merger. He called for federal regulators to investigate the US pressure. More»